USA, Rockville, MD, April 07, 2022 (GLOBE NEWSWIRE) — The global business rules management systems market is expected to grow at an impressive CAGR of 10.6%. It is on track to reach a valuation of nearly US$3.5 billion by 2032, up from US$1.3 billion in 2022.
The increased requirement to manage regulatory and compliance policies, as well as the formalization of business activities, are the Key Drivers of Business Rules Management Systems Market.
However, a lack of paperwork on trade laws can stifle market expansion. On the contrary, the increased focus of enterprises on data-driven decision-making is a positive for the global business rules management systems market.
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Impact of COVID-19 on the Business Rules Management Systems Market
Business rules are easily editable and expressed in a simple way for easy understanding. Additionally, the need for a higher-level type of development is minimized, as business rules can be produced by anyone with business rules expertise and vendor-specific software skills.
IT managers may be able to take over the management of policy changes and lifecycles, reducing dependency on IT developers and reducing confusion. Therefore, compared to a traditional software environment, designing and deploying rules takes less time.
In addition, the use of business rule management system software and services is driven by the increasing use of automated rule deployment processes. These software and services provide benefits including faster, error-free, and cost-effective commercial development and deployment.
Growth prospects of the global business rules management systems market according to various segments
The business rules management systems market is segmented into deployment type, component, vertical, and region.
BFSI companies use modern technologies and business rule management system software and services to improve their operational efficiency to meet business challenges. During the forecast period, the BFSI sector is expected to be a significant contributor to the growth of the business rules management systems market.
Different segments of the component-based business rules management system market
By component, the IMF study reveals that the system has the highest sales potential through 2032. Adoption of software systems is expected to grow at a CAGR of 10.1% over the forecast period.
Consumer demand for software systems, owing to a flexible guiding framework to judge whether behaviors are allowed in each particular situation, is pushing the bar for business rules management systems market.
Which company holds the largest Business Rules Management System market share?
Large enterprises are expected to increase their need for business rule management systems over the forecast period. Large enterprises are rapidly adopting business rule management system software and services, and this trend is expected to continue during the forecast period.
To increase their total output and efficiency, large companies are investing heavily in modern technologies. Large enterprises are putting a lot of effort into making it easier to operate and manage cloud-native applications on any cloud, and even across multiple clouds.
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Competitive Perspectives
How strong is the competitive landscape for the Business Rules Management System Market?
With many established multinational competitors competing in the global Business Rules Management Systems market, many companies compete with each other with little or no product difference. As a result, many companies are aggressively seeking strategic mergers and acquisitions to expand their market dominance.
- Pegasystems announced Value Finder, an AI-powered solution, in September 2020 to help enterprises engage a previously underserved group of customers based on product-centric eligibility and prioritization metrics.
- Progress Software released Corticon.js in July 2020, a serverless business rules engine that enables rapid rule development, testing, and deployment in mission-critical JavaScript applications.
- FICO and Equifax announced a collaboration in March 2019 to create a cloud-based connected data decisions platform that combines the former’s digital decision capabilities with the latter’s data management and analytics capabilities. Equifax IgniteTM is integrated with FICO cloud applications and the FICO Decision Management Suite (DMS) to help businesses analyze risk, guard against fraud, and build marketing capabilities using management technology and data analysis.
Main market players
- IBM
- FICO
- PEGASYSTEMS
- ORACLE
- PROGRESS SOFTWARE
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Key segments
By Component:
By type of deployment:
By organizational size:
By vertical:
- BFSI
- Government and Defense
- Telecom and IT
- Manufacturing
- Retail and consumer goods
- Health and life sciences
- Transport and logistics
- Energy and Utilities
- Others
By region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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